Heathrow Airport Holdings Limited has agreed to sell its 100% interest in Stansted Airport Limited to Manchester Airports Group for £1,500 million in cash, payable in full at closing.
Heathrow Airport Holdings was forced to sell Stansted in a ruling by the Competition Commission.
Colin Matthews, chief executive of Heathrow, said: “Stansted Airport and its people have been part of our company for a long time.
“It has been named by passengers as ‘the world’s best airport for low-cost airlines’ for two consecutive years at the Skytrax World Airport Awards, and we are proud of its achievements.
“We wish the new owners every success and are confident the airport will continue to flourish.